For Sale
$7,500,000

2735 Sweetwater AvePhoenix, AZ 85029

128-Key Hotel, High NOI, 13.7% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 128-key dual-branded hotel, the Rodeway Inn & Econo Lodge Phoenix North I-17, presents a compelling investment opportunity in the thriving Phoenix market. Boasting 41,450 square feet on a 1.76-acre lot, this two-story property underwent renovations in 2019 and offers a range of amenities including an outdoor pool, business center, complimentary breakfast buffet, and guest laundry facilities. The hotel's prime location off Interstate 17 in the North Mountain Village area, with daily traffic exceeding 40,000 vehicles, ensures high visibility and accessibility. Its proximity to major attractions like the Martin Auto Museum, Turf Paradise, and Firebird Balloons, as well as Downtown Phoenix and Phoenix Sky Harbor International Airport (within a 15-20 minute drive), further enhances its appeal. The property's strong financial performance is highlighted by a Net Operating Income (NOI) of $1,090,464 and an attractive 13.70% capitalization rate. Built in 1974, the property offers a potential for significant value enhancement through a Wyndham conversion, with estimates of up to $4,000 per key. The hotel benefits from its location near the $800 million Metro Center redevelopment project and capitalizes on Arizona's robust tourism sector, which saw over 19 million visitors in 2023, generating a $4.5 billion economic impact. This is a fee-simple ownership opportunity with an asking price of $7,500,000 and a price per square foot of $180.94. The property's APN is 149-21-014E.

Highlights

  • Wyndham conversion potential; up to $4,000 per key increase.
  • 13%+ capitalization rate based on actual financials.
  • High-traffic location on I-17, with over 40,000 vehicles passing daily.
  • Adjacent to the $800 million Metro Center redevelopment project.
  • Strong market fundamentals; Arizona tourism generated $4.5 billion in economic impact in 2023.

Property Details for 2735 Sweetwater Ave

Property type
Hospitality properties, Hotels
Square Feet
41,450 SF
Year Built/Renovated
1974/2019
Stories
2
Lot Size (sq. ft)
76,666 SF

Location Insight

City
Phoenix
County
Maricopa
State
Arizona
Latitude
33.602934
Longitude
-112.1184771
2735 Sweetwater Ave, Phoenix, Arizona

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2735 Sweetwater Ave
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